March 16th 2016 looks set to become a very important date for Britain’s higher earners as, according to Richard Dyson writing in today’s Telegraph, “it will be the date that Mr Osborne launches his most violent attack yet on better-off earners and savers.” There are an estimated 4.4 million higher rate tax payers that could potentially be affected.
Recent budgets have seen the Chancellor unveil headline grabbing surprises, and whether Osbourne is considering higher taxes, or cuts to tax relief to reduce the deficit, only time will tell.
However, the report also suggest that, “He (Osborne) will use the Budget to ditch the higher rate of tax relief on pension contributions. What this will mean is that the attraction of saving into a pension for those paying 40pc income tax will suddenly reduce.”
Contact us now to make sure you don’t miss out maximising your pension contribution and tax relief before the budget on March 16th, don’t wait until the end of the tax year. Please call us on 0800 731 7614 or by e-mail at firstname.lastname@example.org and we’d be delighted to help.